They were very closely related, but technically separate. BlackRock was initially founded as “Blackstone Financial Management”, a company that “The Blackstone Group” had a 50% stake in. They changed their name to BlackRock after Stephen A. Schwarzman, Blackstone’s CEO, sold his stake in the then-smaller company.
I thought Blackstone became Blackrock? They’re actually different?
They’re both investment firms founded in the 80s but by different people.
I thought one was a spinoff of the other or something?
They were very closely related, but technically separate. BlackRock was initially founded as “Blackstone Financial Management”, a company that “The Blackstone Group” had a 50% stake in. They changed their name to BlackRock after Stephen A. Schwarzman, Blackstone’s CEO, sold his stake in the then-smaller company.
You just know that some brand strategist was paid millions to come up with the name Blackrock as an offshoot of Blackstone.
I guess Blackman Group sures does sound weird in an american context.
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